Mortgages for First-time buyers

Getting onto the first step of the property ladder is important to many of us.

By the time you’re reading this your finances should be in order and you’ll have a deposit ready.

Find out how to boost your chances of getting a mortgage here.

Once you’re ready to buy you’ll need to find your perfect home – our 10 step process will help you work from working out what’s affordable to getting the right offer in. Click here to find out more.

How much deposit do I need to buy a house – first time buyer?

Typically speaking you’ll need a deposit of around 5% of the property value to get a mortgage. If you can save more than this it opens up your options to a wider range of mortgage products.

The mortgage lender will then lend you the balance of 95% which you will repay over a 20 to 30 year term.

If you are looking at a new property then the government’s help to buy scheme can subsidise your deposit and make your deposit go further. Find out more about help to buy here.

Who is eligible for a first time buyer mortgage?

To be eligible for a first time buyer mortgage this needs to be the first time you have bought a property

If you are moving home or remortgaging then read the guides here.

First time buyer mortgage Frequently Asked Questions

Is there help available for a first time home buyer?

There are a number of schemes available depending on your circumstances, you can use the help to buy scheme for a new home, right to buy and shared ownership schemes are available for certain customers and you should be able to benefit from a reduction in Stamp Duty (in England and Wales)

I’m a self employed first time buyer, do I need 2 years accounts?

Most lenders expect you to have accounts or tax returns for two years, if that’s not possible there are some lenders who will accept alternate proof of income. Contact us and explain your situation and our human advisors will work with you to find your best option. You can read more about mortgages for the self employed here.

Can I borrow 100% of the value of my property?

Most lenders will cap the lending at around 95% of the property value but for the right application this can be extended to 100%. again contact our advisors and explain your situation and we’ll help you get the best mortgage to meet your needs.

Can my first property be a buy to let?

With house prices getting further out of reach for many young buyers, especially in the property hotspots of the major cities it’s becoming increasingly attractive to buy in a less expensive area to get “on the ladder”. Whilst some lenders need you to have your own property before you start investing, there are lenders on our panel who will provide a mortgage to a first time buyer.
Find out more about buy to let mortgages here.